My sister and I have both our names on the deed of a house which is in foreclosure. My name is not on the mortgage, will this damage my credit rating

Asked by Gailpreston, Staten Island, NY Sat Sep 3, 2011

The house was our father's who died in 1996 and my sister is the executor of the estate. We legally put both our names on the deed but I never had my name put on the mortgage however I did have to co sign a home equity loan with her.

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Martina Ryan, Agent, Flushing, NY
Sat Sep 3, 2011
You have an obligation to pay the HELOC as this will show up on your credit score. Run your credit & see what you are liable for & try to pay this off.
0 votes
Eli Givoni-S…, , Boca Raton, FL
Sat Sep 3, 2011
If your name is on the loan, your credit will be affected if payments are missed. You can do a short sale and keep foreclosure off your credit. Feel free to give us a call and we can explain the process.

Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states

MARS Disclosure for General Commercial Communications
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
Hericson Tor…, Agent, Staten Island, NY
Sat Sep 3, 2011
The Home Equity Loan will affect your credit, it will turn into an unsecured credit if the mortgage gets foreclosed. This unsecured debt can haunt you for 20 years in New York State. You will have no issues at all with any creditors other than the creditors you
0 votes
Elizabeth He…, Agent, Agawam, MA
Sat Sep 3, 2011
If the mortgage isn't getting paid, have you made sure that at least the equity loan is paid up-to-date? If you co-signed the equity loan with her and that's went into default as well, it will affect your credit.
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Milton Knight, Agent, Coral Gables, FL
Sat Sep 3, 2011
Dear Ms. Preston,

While the mortgage loan may not appear on your credit report if you are not on the Promissory Note (the mortgage loan)... it may hinder your credit if you are ever asked on a future mortgage loan application: "Have you ever been indirectly involved in foreclosure OR have you ever owned a property that resulted in foreclosure?" While this may not seem fair since you did not promise to re-pay the is a reality.

Milton Knight
Lic. Real Estate Broker | Realtor
SunLife Realtors
4000 Ponce De Leon Blvd # 470
Coral Gables, FL 33146
T: 305-476-1666
F: 305-777-0329

Go Green!
Please do not print this e-mail unless you really need to.
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